Japan Stocks tumble on coronavirus return fears, stronger yen

Japan share market finished session lower on Monday, 15 June 2020, as fears of a resurgence in the coronavirus pandemic sent investors scurrying for safe-havens. Also, the U.S. dollar slipped against the yen as virus fears weighed on investor sentiment. At closing bell, the 225-issue Nikkei Stock Average stumbled 774.53 points, or 3.47%, to 21,530.95. The broader Topix index of all First Section issues on the Tokyo Stock Exchange tumbled 39.90 points, or 2.54%, at 1,530.78.

Investors chose to play safe at the start of the week on renewed concerns over a second wave of infections as clusters of new infections were reported in the US and China, while the number of new cases increased in Tokyo. On Sunday, the Tokyo Metropolitan Government reported a surge in new infections to 47, the largest number since a state of emergency was lifted on May 25.

 

Shares of aviation companies slid on fears over a resurgence of the virus epidemic, with Japan Airlines and ANA Holdings were lower in between 1% to 3%.

Shares of Sanrio declined after the operator of the Hello Kitty franchise reported a 95 percent dive in the company's net profit for fiscal ended March 2019 as the pandemic forced its theme parks and other outlets to temporarily close.

CURRENCY: The Japanese yen traded at 107.16 per dollar following a strengthening from levels above 108 last week.

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